It was just six weeks ago that the Treasury Department announced a plan to shore up Fannie Mae and Freddie Mac, the nation’s largest guarantors of home loans, after the ongoing mortgage crisis had put the two giants at risk.

Now the feds have announced a full rescue of Fannie and Freddie, which could cost the taxpayers hundreds of billions of dollars. Things had become that bad in just a few weeks. The companies were in danger of failing without a massive injection of capital.

The government really had no choice. Fannie Mae and Freddie Mac have become too big to be all...

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